News Release Archive
InNOVAcorp--Crown Corporation Invests in Fertilizer Plant
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InNOVAcorp has announced a $450,000 investment in Terra Nova
Fertilizer Export Inc. to help the company complete construction
of its plant and provide working capital for the first three
years of operation in the areas of production, marketing,
exporting, and research and development.
The announcement today, Oct. 17, in Sydney was made by Manning
MacDonald, Minister of Economic Development and Tourism and
Minister responsible for the Crown corporation InNOVAcorp. This
investment will provide Terra Nova Fertilizer with the resources
to procure high-tech processing equipment required to pelletize
organic peat-based fertilizer for commercialization and export to
new markets.
"It is always exciting to participate in the launch of an export-ready company," said Mr. MacDonald. "Terra Nova is using
technology to produce a product that is good for the environment
and good for the economy."
Two years ago, Terra Nova Fertilizer identified a potential
market for an odourless, high quality form of its products. Since
then, the company has overcome the challenges of storage, weight-created by a high moisture content and mechanical application.
It has transformed a traditional operation into a modern factory
where 3,000 tons of peat-based pellets will be produced in the
next year. These pellets have undergone final testing at the
Lingan golf course and will be applied to the sport and
recreation fields at UCCB campus. The projected economic impact
is upward of 30 jobs created by the end of the third year.
"We are confident that our partnership with Terra Nova is going
to be successful and mutually beneficial to both our companies,"
said Ross McCurdy, CEO of InNOVAcorp. "We are interested in
supporting companies like Terra Nova that are product leaders. An
entrepreneurial spirit and an ability to meet challenges that
produce export-ready products are business qualities that can
translate into future prosperity for Nova Scotia."
"InNOVAcorp's assistance will give Terra Nova Fertilizer Export
Inc. the strong foundation it needs in its startup phase," said
Richard Ellerbrok, president and owner of Terra Nova. "We are
optimistic that we can continue to upgrade the product and build
a larger plant within five years."
InNOVAcorp leads the way in Nova Scotia in technology
commercialization. This process is a holistic approach to
commercialization including everything from technology
enhancement, product testing and improvement, to marketing
support and information services.
"At InNOVAcorp," said Dr. McCurdy, "our success is measured by the
success of the companies we team with, like Terra Nova."
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Contact: Rae Owen
InNOVAcorp
902-424-8670, ext. 193
Lisa Lavin
Terra Nova
902-562-0336
ngr Oct. 17, 1997 11:30 am
